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Reverse mortgage closing cost fees are similar to the fees you would pay upon purchasing or refinancing a home.
What are the Costs?
Here is a list of potential closing cost fees for a reverse mortgage and an explanation of each:
- Recording fee covers the filing of your mortgage lien with your local County Recorder’s Office and usually costs around $50 to $100.
- Title insurance fee covers the insurance that protects the lender or the buyer against losses that are a result of a dispute concerning property ownership. It can vary by loan size, but the higher the loan the higher the cost.
- Credit report fee verifies federal tax liens or judgments against the borrower; usually costs under $20.
- Escrow, closing or settlement fee covers a title search and costs anywhere between $150 and $450.
- Flood certification fee determines the property’s location in a potential flood plane and usually costs under $20.
- Courier fee covers overnight mail documents between lender, loan investor, or title company; usually costs under $50.
- Document preparation fee covers the cost of the final closing documents; usually costs $75 to $150.
- Survey fee determines property lines and ensures the property is not infringed upon by an adjoining property. This usually costs under $250.
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